Russia’s new national rating agency to pay off within 3-5 years — head of project

July 24 2015

TASS

Russia’s new national rating agency, which is being created now, may pay off within 3-5 years, First Vice President of Gazprombank and the head of the project on creation of the agency Ekaterina Trofimova said in an interview aired by the Rossiya-24 TV news channel on Friday.

Russia’s new national rating agency, which is being created now, may pay off within 3-5 years, First Vice President of Gazprombank and the head of the project on creation of the agency Ekaterina Trofimova said in an interview aired by the Rossiya-24 TV news channel on Friday.

She said "a classical model" of the rating agency will be applied, meaning revenues generation will be at the expense of fees collected from the agency’s clients.

According to Trofimova, the question of cooperation of Russia’s new national rating agency with the Chinese rating agency Dagong has not been discussed.

"With relation to this particular project the question has not been discussed," she said when answering the respective question.

Earlier on Friday the Central Bank reported that Ekaterina Trofimova will head the project on creating a new credit rating agency in Russia.

The national rating agency, which is being created now in Russia, may start operations already in the fourth quarter of 2015. Its capital is planned at 3 bln rubles ($51.5 mln) with equal distribution of shares between investors amounting to up to 5%. Preliminary subscription to shares will be held by the end of August 2015. Banks, insurance and asset management companies as well as issuers, may become investors.

Rosneft welcomes national rating agency establishment initiative

Russian oil major Rosneft welcomes the initiative to set up a national rating agency, official spokesperson of the company told TASS on Friday.

The company did not detail whether Rosneft has plans to be a shareholder of the agency.

"We welcome the initiative to set up the national rating agency. This is an important element of work on establishing a modern sovereign financial system, improving transparency, strengthening confidence of investors, financial institutions and issuers, reducing the cost of borrowings, broadening the access and diversification of sources of investment and credit resources," Rosneft’s spokesperson said.